Lifetime Group gears up for mortgages - Good Returns

16 December by Lifetime

Lifetime Group gears up for mortgages - Good Returns

The Christchurch-based Lifetime Group is set to become a bigger player in the mortgage broking market after its most recent deal.

It has formed a strategic partnership with the Rothbury Group which see it take over Rothbury’s life insurance and mortgage businesses. Rothbury gets Lifetime’s general insurance business and it is also is taking a cornerstone shareholding in LIfetime.

Rothbury, which is the fourth largest general broker in New Zealand and part of the ASX-listed Steadfast Group, has bought a 19.5% stake in the business for $8 million.

Lifetime’s mortgage business will get another eight brokers, bringing the total to 19, and it will generate around $400 million in loans a year.

Lifetime chief executive Mike Jones says that he sees “real potential for growth in the mortgage business”

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